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TheStreet Open House

CVR Energy's CEO Discusses Q2 2012 Results - Earnings Transcript

On our last call, I had provided some estimates for throughput to the quarter and I’m really happy to report that we came in above the high end of those estimates at Coffeyville and just below the top markets those numbers at Wynnewood.

Actually during the month of June, Coffeyville set a new record by processing 125,900 barrels a day of crude to the month. We attribute these high processing rates at Coffeyville to the completion of the successful turnaround in March and the continued efforts on the part of our operating and technical staff.

Looking ahead to the third quarter, we are currently running about 124,000 barrels a day at Coffeyville and just over 70,000 barrels a day at Wynnewood. Aside from a plant turnaround, which is going kind of begin in late September at Wynnewood, we have no other major maintenance expected for the quarter. And by the way on that point, we would expect to start bringing Wynnewood down for its turnaround during the last week of September.

We estimate the total crude throughputs for the plants to be in the same range as I had estimated last quarter, range of 179,000 barrels a day to 188,000 barrels a day in total. And that would be about 113,000 to 118,000 at Coffeyville and 66% to 70% at Wynnewood.

I’d like to take time to remind you that during the turnaround at Wynnewood, we will be down for approximately 45 days. Our new estimates for the time for this turnaround is approximately 45 days and we expect to incur approximately $100 million in expense. This is a higher number than we had estimated in the past, but because we’ve been within inside the tent now for about six months, we see opportunity to do additional maintenance work at the refinery while it’s down, which will help us with reliability and throughput as we go forward over the next four years.

Read the rest of this transcript for free on seekingalpha.com

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